Kaiser strike draws near: https://www.cnn.com/2023/10/01/business/kaiser-permanente-union-no-deal/index.html . We seem to be careening from one crisis to the next right now, and we’re the world’s strongest economy.
Veterans left out from VA burn pit benefits: https://www.foxnews.com/politics/dog-pony-show-veterans-struggle-obtain-cancer-benefits-one-year-massive-burn-pit-legislation .
WSJ: Small business bankruptcies increasing: https://www.wsj.com/business/entrepreneurship/small-busines-bankruptcy-surge-8989e665 . This is a natural consequence of rising interest rates, as small businesses are frequently undercapitalized.
SBF comes to trial in FTX bankruptcy: WSJ: https://www.wsj.com/finance/currencies/sam-bankman-fried-caroline-ellison-ftx-1f3cb161 .
WSJ: Why Americans are angry about inflation: https://www.wsj.com/economy/consumers/why-consumers-are-mad-about-inflation-even-though-it-has-fallen-ce39ca40 . So this is exactly why the Fed has a low (2%) inflation target, and is willing to take a recession to reduce inflation. If someone has had little or no raises in the past several years, they feel the cumulative effect of inflation over that time.
WSJ: China property market problems: https://www.wsj.com/world/china/china-comes-under-growing-pressure-to-fix-the-countrys-housing-market-709f8d0d . To reiterate, we have been saying (as recently as yesterday) that the problems in this market will linger for years to come.
Shutdown avoidance post-op: https://thehill.com/homenews/house/4232295-shutdown-averted-political-winners-and-losers/ . So yes, McCarthy is a “winner” in the sense that he bypassed a near-disaster created by the incompetent far right. However, this is a manufactured crisis. If Biden is re-elected and the Democrats have majorities in both houses (which is realistic but still an if), the Democrats must pass legislation to curtail these shutdowns and avoid more damage to our credit and economy.
The far right lost juice on this deal. However, McCarthy has promised Ukraine aid. Can the GOP and the Democrats restore that funding quickly, presumably together with some actions regarding immigration and border security? If they don’t, overall this process has been a serious loser. WSJ: More: https://www.wsj.com/politics/policy/congress-stopped-a-shutdown-but-fights-on-ukraine-border-intensify-cee73161 .
The House GOP remains divided and dysfunctional: https://news.yahoo.com/gaetz-could-expelled-house-over-183809373.html . However, Gaetz is a creep and the House should expel him. WSJ: More: https://www.wsj.com/politics/kevin-mccarthy-matt-gaetz-government-shutdown-1e838cda .
The GOP presidential race: No adults in the field: https://thehill.com/homenews/campaign/4232526-haley-says-trump-campaign-sent-her-bird-cage-after-he-called-her-birdbrain/ . Well, this is pretty chickens**t …
WSJ: We’re hiring brain-dead reporters: https://www.wsj.com/us-news/trumps-walletand-reputationto-be-tested-in-civil-fraud-trial-71de33d2 . So what are these two reporters talking about? The trial will test Orange Julius’ reputation, they say. Okay, provide any evidence that OJ is an honest businessman. If you can’t, then his “reputation” is as a liar. The trial will cost OJ hundreds of millions of dollars. No. The trial will be inexpensive, especially because the judge has already granted summary judgment for the state on most of the major issues. The penalties will cost him hundreds of millions of dollars.
His attorneys have pledged to appeal. On what basis? This case is about financial fraud, and the evidence is overwhelming. The judge said the OJ financials came from fantasy world. These reporters apparently live there.
Gavin Newsom names Laphonza Butler to replace Dianne Feinstein: https://apnews.com/article/senate-feinstein-newsom-california-laphonza-butler-57823d2ff39f2a007640dce8e70045a8 . As the article notes, Butler could run for this seat. However, I hope she does not. Also, I’m not thrilled that the person chosen is primarily known for currently leading a Democratic fundraising organization. More on Laphonza Butler: https://apnews.com/article/senate-feinstein-newsom-california-laphonza-butler-57823d2ff39f2a007640dce8e70045a8 . WSJ: More: https://www.wsj.com/politics/elections/gavin-newsom-to-appoint-laphonza-butler-to-fill-dianne-feinsteins-senate-seat-16a9c61b .
WSJ: Amtrak re-do: https://www.wsj.com/us-news/amtrak-train-makeover-60d5c487 .
Former red Sox pitcher Tim Wakefield passes at 57: https://apnews.com/article/tim-wakefield-death-red-sox-ae1f9bd465fbefede0d030f915b1f988 .